Hemostemix Inc V.HEM

News and update

[Boxcar1964]

COMTEX - Updated 10 hours ago 

Newsfile Corp

Calgary, Alberta--(Newsfile Corp. - July 6, 2021) - Hemostemix Inc. (TSXV: HEM) (OTC: HMTXF) ??(FSE: 2VFO) ("Hemostemix" or the "Company") is pleased to provide an update on the Phase II Clinical Trial, an update of a decision including a cost award from the Ninth Judicial Circuit Court of Orange County, Florida, and the Annual General Meeting ("AGM") results.

Hemostemix is continuing to complete the groundwork necessary to derive its Phase II Clinical Trial analyses. The process to rescue the trial has taken longer and with increased costs, due largely to Aspire's intransigence of not returning Hemostemix's Intellectual Property including, but not limited to, the Phase II Clinical Trial data and related batch information. Aspire's continuous breach of the terms of the February 2018 License Agreement has forced Hemostemix to seek the data from the clinical trial sites and complete the work of source document verification and data base clean-up, which is work that should have been completed by Aspire during its management of the clinical trial. As noted, Hemostemix is pleased to report that the source document verification process and data base clean-up is proceeding. Currently, 39% of source documents are verified. Hemostemix will continue to complete the groundwork necessary to close out the trial and it will keep shareholders informed of its progress. 

On June 28, 2021, the Ninth Judicial Circuit Court of Orange County, Florida, denied Aspire's motion to compel production of documents from Hemostemix. The Court sustained Hemostemix objections as to relevancy and scope of the categories of documents Aspire sought, and the Court awarded Hemostemix its fees and costs incurred in defending against Aspire's motion. Hemostemix is preparing a fee petition that quantifies the fees and costs incurred for the Court's consideration. 

The following are the summarized results of the motions voted upon at the AGM held on May 31, 2021:

1. Financial Statements - it was unanimously decided that the audited consolidated financial statements of the Company for the years ended December 31, 2019, and December 31, 2020, the auditor's report thereon, and the related management's discussion and analysis as presented, were accepted and included as part of the formal record of the AGM. 
2. Size of the Board of Directors - four members - the motion was duly carried by 99% of shareholders recorded in attendance. 
3. Election of each Director - Dr. Ronnie Hershman (72%), Mr. Swanberg (73%), Mr. Smeenk (72%) and Mr. Lacey (99%) were independently elected by shareholders recorded in attendance.
4. Appointment of Auditors - MNP Canada LLP, Chartered Accountants - the motion was duly carried by 99% of shareholders recorded in attendance. 
5. Approval of Stock Plan - the motion was duly carried by 99% of shareholders recorded in attendance.

ABOUT HEMOSTE

[ENEMENEMYNEMO]

I don't get it...good news and the stock tanks

[Walterthedog]

Thats because it isn't good news. They are finally admitting that they are missing batch info and trial data. And at the rate they are doing source data verification, it should be next year instead of this summer that they can complete the phase 2. I strongly believe that they have known for some time that they can not complete the phase 2 without data that Aspire holds. Peter mentioned as

[Walterthedog]

And to top it off, if we do beat Aspire in court and they are legally compelled to hand over whatever info they have, whos to say they dont alter it to show no efficacy as they and Accudata claimed it to have shown over a year ago? If it clearly showed efficacy and they claimed it didn't, that would be something they would want to cover up. Hopefully Medrio has all that info and there aren'

[Boxcar1964]

Do you honestly believe that Aspire would go as far as altering the data to hide something there is always a paper trail to everything and I don't think they would risk there business for something like that. The courts would have a field day with that and I don't believe that is being realistic.

[Walterthedog]

I really hope that this isn't a possibility but they did put out an NR after the dispute over the license agreement began saying basically that Accudata had analyzed the data and no significant difference was measured between the patients treated with placebo or ACP. The reduction in ulcer size was offset by the formation of new ones. The common answer for this from hem investors is that they

[ENEMENEMYNEMO]

Good points, I became a little distressed when I read that they have only verified 39% of the data and what that meant! Christ do you think Aspire has the assignment key as to who's blinded or not!!  Well either way, as I've said previously, despite Aspires claim the data isn't supportive of a benefit, they for some reason are spending a lot of dollars to retain it and remain a

[Walterthedog]

Exactly right. If the data was a dudd, they wouldn't have tried to stop hemostemix from raising money to pay them back for the loan. At that point they could have just recouped their loss and walked but instead fight tooth and nail for the IP. Hopefully towards the end of the year, when both parties have completed discovery and depositions, the court can start to decide who is right and wrong.